“Should I buy out my lease?” super-thread

[anique]

@frted

If I buy out ct tax is 6.35% (1263) so total of 21163. Carmax offered me 25k so a new gain of about 3800.

As you can see in the below link. Depending on where the car was leased from, Mazda Capital Services and Mazda Financial Services allow third-party buyouts. Which should save you the sales tax:

List of Lenders that Allow for Third-Party Buyouts

As used car prices soar, many lessees are finding that their vehicles are worth considerably more than their current payoff amount. Instead of simply returning the vehicle at lease end, you may be able to sell the vehicle to a third party (such as Carvana, Shift, Vroom, and CarMax) for a profit. However, some lenders are making it difficult for consumers to access this “lease equity” by charging a higher lease buyout price to third-party buyers than to consumers, or altogether prohibiting third…

You have plenty of equity in your car with low mileage, so I would try to get quotes from all of the online vendors and local dealers (Hopefully beat the Carmax numbers). You can cash in on the 5k+ equity. Then try to find a new deal. The trade-in value would not necessarily be higher than the equity cheque you will receive from a third-party buyout. So in many cases, it might be better to just cash in on the equity and negotiate the new lease separately.